Saudi Arabia puts local price cap on gasoline

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Riyadh

Saudi Arabia on Saturday an-nounced it was putting a price cap on gasoline from July 10 to support local consumption and economy growth, as oil prices hit multi-year highs this year.

It is the first time the country is cap-ping prices since it first liberalized them in 2018 and linked them to inter-national price movement.

The Kingdom issued a royal directive to keep gasoline prices at SR2.18 ($0.58) for octane 91 and SR2.33 for octane 95, the Saudi Press Agency re-ported, citing the Energy and Water Price Reforms Executive Committee.

“This stems from the leadership’s keenness to reduce the living burdens of citizens and residents.—AN

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